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Vladimir Putin and Recep Tayyip Erdogan celebrate the start of the project

In this way we will make our energy basket more robust, which now depends largely on oil, gas and coal

Recep Tayyip Erdogan

Speaking at a news conference with Mr Putin, the Turkish leader said the cost of the project may exceed the planned $20 billion for the 4,800 megawatt plant, part of his “2023 vision” to mark 100 years since the founding of modern Turkey and intended to reduce the country’s dependence on energy imports.

Since Russia was awarded the contract in 2010, the project has been beset by delays.

Last month, it emerged Akkuyu was likely to miss its 2023 target start-up date but Rosatom, which is looking for local partners to take a 49 percent stake in the project, said it remained committed to the timetable.

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The Akkuyu nuclear power plant site

Russia’s Interfax news agency cited the head of Rosatom saying the sale of the 49 percent stake was likely to be postponed from this year until 2019.

Turkish companies have been put off by the size of the financing required as well as by concerns they will not receive a sufficient share of the lucrative construction side of the deal.

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Construction work begins at the Akkuyu nuclear power plant site

Mr said Turkey may also cooperate with Russia on defence projects besides an S-400 missile defence system which Moscow has already agreed to supply to Ankara.

Turkey signed an agreement to buy the S-400 system in late December in a move which raised concern in the West because it cannot be integrated into NATO's military architecture.